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UNDERNEWS

Undernews is the online report of the Progressive Review, edited by Sam Smith, who covered Washington during all or part of ten of America's presidencies and who has edited alternative journals since 1964. The Review, which has been on the web since 1995, is now published from Freeport, Maine. We get over 5 million article visits a year. See prorev.com for full contents of our site

March 21, 2010

WACHOVIA TO PAY $160 MILLION FOR LAUNDERING DRUG MONEY

NY TIMES - The Wachovia Bank, a unit of Wells Fargo, has agreed to pay $160 million to settle a federal criminal case accusing it of laundering Mexican drug money, Reuters reports.

Under the agreement, Wachovia will forfeit $110 million, representing the proceeds of illegal narcotics sales that were laundered through the bank, the United States attorney's office in the Southern District of Florida said. The bank will pay an additional $50 million fine to the Treasury Department.

REUTERS - "Wachovia's blatant disregard for our banking laws gave international cocaine cartels a virtual carte blanche to finance their operations by laundering at least $110 million in drug proceeds," the United States attorney, Jeffrey Sloman, said Wednesday.


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